Market Closes - July 10, 2013

Posted on Jul 10, 2013
CBOT futures closed very mixed when including the near-expiration JULY contracts.

The JULY Soybean contract traded higher in the morning but abruptly turned lower and closed sharply lower. This could be correlated to cash markets as CASH soybean basis levels (using August futures) have been weakening this week in KY – the degree of basis drop varies by locale.

New-crop corn and soybean futures closed steady to higher as the 2-week forecast has turned drier with above-normal temperatures.  A large share of Corn Belt corn will be pollinating through the end of month.  The first two days of this week saw huge spec fund buying in corn and bean futures, possibly anticipating a weather-related rally being “born” after the July 4th weekend.

 

Average Trade Estimate for USDA Reports at 11 am CDT on July 11, 2013 All Wheat Production = 2.070 billion bushels

2012/13 Ending Stocks Corn = 725 million bushels Bean = 121 million bushels

2013/14 Ending Stocks Corn = 1.896 billion bushels Bean =   263 million Wheat =   632 million

Cattle futures closed lower as traders remain uncertain if cash cattle prices will strengthen.  Choice Beef down 1.25 to $193.07 and Select up 0.20 to $186.05.  The AUGUST LIVE CATTLE contract gave back most of its big gain made Tuesday and remains in a 10-day sideways trading range.

Lean Hog futures closed strongly higher on technical buying, supported by the premium shown by the CME Lean Hog Index to futures.  However, falling pork values may become a drag on the market soon.  The FOB Plant Pork Cutout dropped $2.50 to $102.36/cwt.

** July contracts end trading Noon CDT on Friday **

Corn Jly +6 710; Sep +2 554; Dec unch 521.5

Bean Jly -21.5 1592; Aug -3.5 1465; Nov +8.5 1285 Meal Aug +1 450; Dec +3.5 382 Oil unch 4702

Wheat Jly -3.5 672; Sep +1.5 679; Dec +2 693; Jly14 +2 708 KC Sep +5 709;  MGE unch 769

Oats -4.5 356.5

Rice +9 1529

LC Aug -65 12207; Dec -22 12845; Feb -12 12960 FC Aug -60 15055; Oct -60 15480; Jan -72 15705

LH Jly +107 10192; Oct +75 8460; Dec +95 8205

Milk Jly +6 1736; Aug +30 1800

US$ -.7%

Dow -9 15292

SP unch 1653

NAS +16 3521

Tran -46 6394

VIX -.12 14.23

WTI +260 10613

Brent +27 10808

Gas +7 300

NG +.5 366

HO +1 300

Eth +2.4 245

Gold +11 1256

Slvr +22 1934

2-yr unch 0.37% 5-yr +.04 1.53% 10yr +.04 2.68% 30yr +.04 3.69%

FEDERAL RESERVE NEWS: Late this afternoon, Chairman Bernanke said this during a Q&A session at a conference sponsored by the National Bureau of Economic Research -- "Highly accommodative monetary policy for the foreseeable future is what's needed." Financial markets responded with higher equity and Treasury prices.

Blue Grass Stockyards Cattle Report for 07/09/2013

Receipts:  1,354   Last Tuesday:  no sale   Year Ago:  1,724

Compared to Monday, steer and heifer calves sold steady to firm with very good demand.  Yearling steers sold steady to firm with very good demand.  Yearling heifers limited comparison with yesterday, however compared to last week sold 5.00 to 6.00 higher with very good demand for 700-800 lbs yearlings.  Average to good quality offering today.  Slaughter cows sold about steady with good demand.

Slaughter bulls sold 1.00 lower with good demand.

Total supply included 04% slaughter cows, 01% slaughter bulls, 0% replacements and 95% feeders.  Feeder supply 55% steers, 08% bulls, 37% heifers with 77% of feeders weighing over 600 lbs.

 

KENTUCKY CASH GRAIN BIDS Click Here

Tagged Post Topics Include: Economics, Market updates